Vertical Lift Module Market to Represent a Significant Expansion at 7.7% CAGR During 2018-2026
A vertical lift module is an enclosed system that consists of two columns of trays with an extractor/inserter in the center. Vertical lift modules are available in various widths and heights to meet every application.
The global vertical lift module market is estimated to be valued at US$ 836.5 Mn by 2018 end and is expected to reach US$ 1,517.7 Mn by the end of 2026, while expanding at a CAGR of 7.7% over the forecast period. The global vertical lift module market is anticipated to represent an incremental opportunity worth US$ 681.2 Mn between 2018 and 2026. In terms of volume, the global vertical lift module market is estimated to reach 16,362 units by 2018 end and increase to 28,738 Units by 2026, while exhibiting a CAGR of 7.3% over the forecast period.
Increasing demand from End -Use Sectors
Automotive dealership departments and manufacturers share a common challenge in terms of storage, distribution and sales of parts. To overcome these challenges, many suppliers are taking benefit of filly automated vertical storage systems to considerably improve customer satisfaction and achieve higher profit margins from both their service and parts departments. Most of the automated dealers are now opting for vertical storage systems within their part departments, which, in turn, will spur the demand in this market.
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Similarly, increasingly stringent legislations and the demand for a secure and safe inventory are pushing companies in the pharmaceutical and medical industries to implement lean inventory and logistic models. Medical device and pharmaceutical industries are looking at every possible way of cost optimization, which, in turn, is diving the demand in the vertical lift module market.
Single Level Delivery Type Segment to register a relatively High Value and Volume CAGR among all segments of Vertical lift module market by delivery type
On the basis of delivery type, the global vertical lift module market has been segmented into single delivery and dual delivery vertical lift modules. Among these two, the single level delivery vertical lift module segment accounted for a 68.4% share in 2017 in terms of value. The dual level delivery segment of the vertical lift module market is expected to grow and account for a sizable share in the overall vertical lift module market by the end of the forecast period, owing to the high demand from automotive and machine heavy equipment.
Europe dominates the Market, followed by North America, in terms of Consumption of Vertical Lift Modules
The Europe vertical lift module market accounts for a value share of 37.7% in 2018 and is projected to maintain its dominance in the global vertical lift module market during the forecast period. The North America vertical lift module market is projected to represent a significant incremental opportunity between 2018 and 2026 and expand at a significant CAGR in terms of value and volume over the forecast period. Sales of vertical lift modules in MEA is projected to represent a total incremental opportunity of US$ 29.0 Mn between 2018 and 2026, while the MEA vertical lift module market is projected to expand at moderate CAGR in terms of value over the forecast period.
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Market Participants in the Global Vertical Lift Module Market
Some of the market participants reported in this study of global vertical lift module market include Hanel GmbH & Co. Kg, Modula Inc., Weland Lagersystem AB, EffiMat Storage Technology A/S, DMW&H, Automha SPA, ICAM Srl, Daifuku Co. Ltd., Kardex Group (Remstar), Systems Logistics SPA, Schafer Systems International, Inc., Ferretto Group S.P.A. and others.